PayPal debuts crypto checkout; Paysafe to go public via SPAC

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PayPal goes big on crypto

PayPal has launched Checkout with Crypto, enabling millions of PayPal merchants to accept cryptocurrency and settle transactions in U.S. dollars.

The new feature enables payments from cryptocurrencies held in PayPal wallets. PayPal supports purchases with Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

Rather than charge a fee for this service, PayPal says it will build a cryptocurrency conversion spread into the exchange from crypto to U.S. dollars.

Bloomberg

Game on

London-based Paysafe is going public via a special purpose acquisition firm, or SPAC, operated by billionaire investor Bill Foley, CNBC reports. Foley sees expanding opportunities for Paysafe in the rapidly evolving online gaming industry.

The move comes as Paysafe — which is backed by Blackstone and other investors — recently announced plans to add cryptocurrency options to its Skrill digital wallet in the U.S. through a partnership with Coinbase. Paysafe has merged with Foley Trasimene Acquisition II Corp. to effect the deal, Foley told the cable TV network.

SPACs are rapidly gaining momentum among payment firms looking to raise funds without the restrictions of a traditional IPO. Payoneer earlier this month announced plans to go public through a SPAC.

Joining the party

The Retail Industry Leaders Association and the National Retail Federation have filed a brief in a long-running federal case against Visa and Mastercard over interchange fees, asking to join the litigation to ensure any final settlement preserves merchants’ rights to sue the card networks in the future.

RILA and NRF claim the seven small merchants who originally brought the case years ago don’t reflect the concerns of millions of merchants nationwide that could be affected by the case’s outcome. The retail industry groups filed their brief Monday in U.S. District Court in the Eastern District of New York.

The case, still under appeal, was originally poised for a $7.25 billion settlement in 2012 and then renegotiated to a new $5 billion settlement in 2015 after some merchants opted out. The retail groups hope that by participating in the case they can ensure any final settlement includes an opt-out provision for merchants and the right to pursue separate litigation against card networks.

Rounded out

Circle is expanding its cryptocurrency operations to include NFTs, or non-fungible tokens, which recently began gaining attention beyond crypto circles.

Boston-based Circle is launching a platform enabling marketplaces to accept credit card and crypto payments for NFTs, which recently were used by Jack Dorsey and others in auctions of digital art pieces, Finextra reports.

Circle plans to support all the services required to transact seamlessly with NFTs, which certify ownership of a unique digital file using blockchain technology. Users must connect to an Ethereum wallet to bid on items with NFT.

Up to date

ParkMobile has reached Kansas with its contactless payment parking solution for off-street lots and on-street spaces in Lawrence, Kan., marking 450 cities where drivers can park using the company’s mobile or web app.

The Atlanta-based firm has made steady headway in expanding its reach during the pandemic, extending to 22 million users nationwide, according to a press release.

ParkMobile’s app is available in eight of the 10 largest U.S. cities, with some of its largest use cases taking hold over the last couple of years at college campuses, airports and stadiums, the company said.

From the web

Britain will focus crypto rules on stablecoins, minister says
_{REUTERS | Tuesday, March 30, 2021}
Britain will focus first on regulating stablecoins rather than the broader cryptocurrency market, its financial services minister said on Tuesday, citing the threat to competition should any major private effort dominate the emerging field.

JPMorgan, Salesforce Join Growing List of Firms Dumping Office Space
_{THE WALL STREET JOURNAL | Tuesday, March 30, 2021}
Major companies are looking to unload big blocks of office space, the latest sign that remote work is hurting demand for this pillar of commercial real estate.

Everli, the European marketplace for online grocery shopping, bags $100M Series C
_{TECHCRUNCH | Tuesday, March 30, 2021}
Everli, the European marketplace for online grocery shopping that started in Italy but now also operates in Poland, Czech Republic and France, has raised a $100 million in Series C funding.

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